Wave Analysis:
Just as in euro and other positively correlated pairs, the previous day’s candle is pretty much within Monday’s candle. This is a bullish dominance signal, and as long as the price remains above the previous day’s lowest low, 1.3740, we expect a possible bullish price movements. The anticipated bullish price rally is the continuation of the impulsive wave (c) with the first target at 1.4015, and the next at 1.4968. This upward rally is highly anticipated since just recently, this pair went above a key level 1.3656 and will likely remain above it. This pair has a strong positive correlation to GBPHKD, GBPCHF and GBPMXN. These pairs will move in the same direction today.
Trade Recommendations:
We’re long towards 1.4018
Origin: FreshForex
